FirstEnergy Loses High Court Bid to Recoup $230 Million
The U.S. Supreme Court turned away an appeal by two FirstEnergy Corp. (FE) units that sought to recoup $230 million they say they spent to acquire power for serving their Pennsylvania retail power customers.
The nation’s highest court today left intact a Pennsylvania state court decision that said a 1998 settlement precluded FirstEnergy’s Metropolitan Edison and Pennsylvania Electric from recovering the disputed money through higher rates.
The costs stem from “transmission line losses,” the electricity that dissipates because of friction or resistance as power travels through lines.
FirstEnergy is based in Akron, Ohio.
The case is Metropolitan Edison v. Pennsylvania Public Utility Commission, 12-4.
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